We will start with discussing your current structure, a Sole Proprietorship. Since you currently are operating this way, it will be easiest, and make the most sense to explain it to you. As with the rest of the structures, we will go through a list of each of the seven characteristics of a business.

Liability-First is a concern for you, liability, say for instance, in the situation of a contract employee. This could end up being a major concern for you. It is one of the larger disadvantages of a sole proprietorship. When it comes to liability, you, your finances, and your assets, are not kept separately. What this means to you and your family is if anything ever happens, all of the liability and expenses falls to you. Huge drawback.

Income Taxes- Next is income taxes. This is something I would actually consider an advantage. You and your business are taxed as one unit. You also have the ability to reduce your income tax by writing off your expenses.

Longevity or continuity of the organization.- Longevity and continuity of your sole proprietorship is, well, nonexistent. Since you are the business, when you are no longer here, your business is no longer here. Again, another drawback.

Control: Whether or not control is an advantage or disadvantage is all up to you to decide. You have complete control over everything. Since you don’t have a partner, boss, board, or shareholders to answer to, you have complete control over your business. I see this as an advantage.

Profit retention is all yours. You keep all of your profit, and will not be splitting it with anybody. This is another advantage.

Location is another great advantage of a sole proprietorship. It is fairly simple to move your operation. Say for instance, you just had a new grandkid in another state, and want to move closer. You simply end your sole proprietorship in your current state, and apply for a new one the next state. Easy as that.

Next we can compare a General Partnership to what your current Sole Proprietorship. And we will go step by step making it a very easy comparison.

Liability for a General Partnership is the same as for a Sole Proprietorship. You have no separation when it comes to you and the business.

Taxes for a General Partnership are similar in a sense to the Sole Proprietorship, being a pass through entity. You and your partner will be able to write off expenses to decrease your taxable income. No federal income taxes are imposed on the partnership.

When it comes to longevity, General Partnerships don’t have much. Say, for instance you have a partner, who passes away, the partnership is immediately dissolved. This can have create serious problems for the remaining partner or partners. There are plans that can be put into effect to protect all concerned parties. If this is the route you decide to take, I highly recommend that you look into a buy-sell agreement.

When it comes to the topic of control, you can easily see what the difference is going to be between a General Partnership and a Sole proprietorship. Being that you will have a partner, you will have to make decisions as a team. You may set forth guidelines in the beginning, of who will be in charge of different topics and decisions. As you can see, this could be bad, if you want to have complete control, or great, if there are decisions you’re not exactly the best at making.

General partnerships have split profit retention. You will be splitting the profits equally between all of the partners. This isn’t exactly bad, sense you will also be sharing the responsibilities with those same partners, as well as sharing the work load.

YOU MAY ALSO FIND THESE DOCUMENTS HELPFUL

...start. It is not required to register as a business unless it operates under a fictitious name (DBA), or provides services or supplies.
-Liability- The proprietor is personally responsible for all of the business’s liabilities. They have no legal protection if the business fails. Creditors may pursue the owner personally for repayment. The owner may be sued personally as well.
-Income Taxes- The sole proprietor will file their taxes for the company and themselves...

...deductible from business income on tax returns. The partnership may end upon the withdrawal or death of a partner.
Corporations
A corporation is different from a sole proprietorship or a partnership in that a corporation is separate statutorily created legal entity from the people who manage, own, control, and operate it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. Being incorporated essentially means the owner receives limited...

...LIT1 – Task 1 Part A
SOLE PROPRIETORSHIP: A “for profit business” owned and operated by an individual. Owning a sole proprietorship allows an individual to run a business any way they see fit with few state/federal regulations and limited legal formalities. The owner of a sole proprietorship assumes considerable risks by without liability protection and therefore is held personally liable for any judgments against the company and is susceptible to loss of...

...﻿
As the director of human resources of Company X, it is my job to make sure that we as a company are in compliance with pertinent federal laws regarding the treatment of employees. Three situations have come to my attention, and I was asked to analyze the three situations and submit a report regarding whether certain federal acts may apply, or may have been violated.
Situation A : Employee A has been with our company for two years. Employee A spouse just gave birth prematurely to...

...﻿Issues
1.Does a partnership exist between Ed, Jake, Charlie and Bella?
2. Are Ed, Charlie and Bella also liable for the lawsuit against the firm by their client Mr Laurent.?
2. If so how far responsible are the other partners for Jakes mistake?
3.If no other partner liable, what excludes them?
4.Are there any defences to any of the members of the firm from being liable to the lawsuit?
Law: Partnerships
Partnership Act 1891 (QLD)
Nature of Partnership
Determination of...

...﻿LIT1 Task 310.1.2-01-06
Part A
Sole Proprietorship: A sole proprietorship is owned by only one person. All profits and losses are the responsibility of the owner only.
Liability – There is unlimited liability in a sole proprietorship. The owner is solely responsible for any debts that may occur.
Income Taxes – The business files taxes as one single unit. Because profits are not shared, they are considered personal income to the sole proprietor.
Longevity/Continuity...

...﻿LIT1 – Task 310.1.2-01-06 Part A
SOLE PROPRIETORSHIP: A sole proprietorship is the easiest of all the business types to start and take the least amount of start-up capital. This is also the most common form of doing business in the United States. With a sole proprietorship, the business and the owner are one in the same and it is not possible to bring someone into the business.
Liability: The owner is responsible for the debt of the business. There is no differential...

...﻿
LegalIssues within Disability Discrimination
Carin E. Smalley
LegalIssues in Human Resources HRCU 648
Benedict Lastimado
October 22, 2013
Introduction
Within my company, we have an employee that committed what our company terms a “Class A” violation this past summer of 2013. Typically, a violation of this type would be punishable by termination. Because this employee was covered by a workman’s compensation injury...